Latin America's Decline: A Long Historical View / Sebastian Edwards.

By:

Edwards, Sebastian

Contributor(s):

National Bureau of Economic Research

Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w15171.Publication details: Cambridge, Mass. National Bureau of Economic Research 2009.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: In this paper I analyze Latin America's very long term economic performance (since the early 18th century), and I compare it with that of the United States, Australia, New Zealand and the countries of Western Europe. I begin with an analysis of long term data and an attempt at determining when the region's decline really began. The next section deals with the relation between the strength of institutions since colonial rule and the region's economic performance. Next I move to an analysis of Latin America's long history with instability, crises and debt defaults. I show that currency collapses have been a staple of the region's economic history. In the Section that follows I analyze the long term evolution of social conditions, including poverty and income inequality. This analysis shows that a high degree of income disparity and poverty have a long history in the region. The paper ends with an analysis of the way in which Latin American intellectuals and scholars have seen the increasing economic and income gap with the United States and Canada.

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Previous	nber w15169 Rebalancing Growth in Asia /	nber w1517 Trade and Financial Interdependence Under Flexible Exchange Rates: The Pacific Area /	nber w15170 Market Valuation of Accrued Social Security Benefits /	nber w15171 Latin America's Decline: A Long Historical View /	nber w15172 WHEN CONSENSUS CHOICE DOMINATES INDIVIDUALISM: Jensen's Inequality and Collective Decisions under Uncertainty /	nber w15173 Policy Responses to Exchange-Rate Movements /	nber w15174 A Quality-Adjusted Price Index for Colorectal Cancer Drugs /	Next

July 2009.

In this paper I analyze Latin America's very long term economic performance (since the early 18th century), and I compare it with that of the United States, Australia, New Zealand and the countries of Western Europe. I begin with an analysis of long term data and an attempt at determining when the region's decline really began. The next section deals with the relation between the strength of institutions since colonial rule and the region's economic performance. Next I move to an analysis of Latin America's long history with instability, crises and debt defaults. I show that currency collapses have been a staple of the region's economic history. In the Section that follows I analyze the long term evolution of social conditions, including poverty and income inequality. This analysis shows that a high degree of income disparity and poverty have a long history in the region. The paper ends with an analysis of the way in which Latin American intellectuals and scholars have seen the increasing economic and income gap with the United States and Canada.